The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-11-15
l'IlS DRAW FIRST BLOOD.

! ~ DRAW FlkSl BLUUD.
MATCH q 90. USED UP BIZ A MOD
LRATE RISE IN THE MARKET
= Bears Demeral,xea and 1outea-One
~ their Leaders Gsne--Resaine Foremost
~ the Mevement that Downs Then.
The bears that have infested Wall street for
scvoral months past began to como to judgment
yesterday. Ever since Sir Cyrus Fields inflated
Manhattan bubble burst early last summer
,hoy have banged away at the value OF other
peJple's property with great glee. At times
the misfortunes Of others have favored them.
but tho facts that Influenced q lower range Of
values upon the Stock Exchange were nothing
compared with the gloom that the bears have
predicted as certain to envelope the land. They
have exercised no special ingenuity in their
campaign. displayed no extraordinary skill.
developed no new tactics, nor furnished evil
dencs Of any great force. But while trying to
take advantage Of circumstances, and empha-
sizo their eject upon prices, the bear party has
done good deal Of talking, mainly prophecy
ing, and ito members have apparently sue
cssded In convincing themselves that they are
really tho leaders Of the street. Rarely II ever
has Wall street seen campaign conducted
with 90 large proportion Of wind and conceit.
Nh. A. g. Hatch has been one Of the most pro-
nounced OF tho bear oampaigners, both In and
out Of the Stock Exchange. Upon the floor Of
the Exchange his blatant efforts to depress
prices have been conspicuous II not effective
Possibly his published utterances from time to
timo have influenced some out-of-town holders
OF securities by reason Of tho position that Mr..
Hston once held In the street.
In May. 1884, Mr.. Hatch was elected Presi-
don't OF tho Stock Exchange for the second
time. and few days after the firm OF which he
was then the senior partner suspended. This
was an incident of the panic precipitated BY
the Grant Ward failure, Tho failure devel-
Il Europe Mr. Hatch had tried to run = bull
deal In Government bonds. and that in the
hs bad SisS the NsT Sss
S Ssd that Mr.. Hsssh's partner hurled homo
i psrtiouiaf!y q Mr.. Hatch e1srted themselves
g xsI e e oths,s 6y the failure; 1T The ar% was
M Sond WHICH tRs
as.oS he
tune. He hss siTsys been interested IN the
:G.a II
s sH ns' q Ssss s n s
Views that he has held regarding ali securities.
th son
ttnual rumors q distress In the bear ranks.
Of EaSs yoss have
hushed. and the yelling q MI. Hatch has been
oonspicuously lacking. Yesterday morning 1t
to make good the differences upon the stocks
they were borrowing. and promptly at the de-
Hatch has rsked Il as with q dnessootS comb
upon the short side Of the market Conse-
Suently 1t is safe to assume that whatever the
hsSilities q ihe firm may be: assets are small.
70 pay Tor something be has bought. while the
ss Sss fer
hsd. Theleiore, whom : bear fails ne has little
s hs sSGI dsa s s ssafS S.S
Ing TO oiIer as security. and the people In Wall
sage I'D
T sn and bvgs
pelled to give up trying to stem the tide Of
MI Hatch was not inclined to talk about his
market. As to his liabilities be said they
would not exceed 100000. The firm had
closed out all OF 1tB contracts In the Exchange
SfdHf a. Il que bers Of the GachanSe
ns Of are das Is
also understood that the firm did what many
wsa. and nearly s5G al sges%stys firms d.
Ths Result Of this operation is that Il the mar:
ket goes down the broker secures a profit and
as Ss we the s9ss
customer 10 the real loser The present case
Is not dissimilar to that Of 1884, when the New
HEED IN his Ssa
Since that e1poss Wall street has been rather
Ssns rraa Sdsn q T III s M Hs 2
contract has been regarded below par upon its
floor. Despite this condition Of affairs down
tanned his standing among his associates in
the mission AID similar work In which he has
He sqm nase sn to Chit
S:ss = %sS sf is
ssas snd ffs ds ssmfa
tatsd he siiure was the ADVANCE IN Re ssiL
TIE lslssr shorts IN { have HAD ~ opportunity
have been heavy seller Of the stock some ten
points below present pricos. Recently Read
n sei &. oSss
dieting that the stock would go to pieces and
that the company or the syndicate that is en-
ragged n reSrssnizins 4 would lot be able
e the company. The movement OF
the stock has puzzled the street, and
lhs theory now mos, generally accepted is that
hhas been practically cornered BY the heavy
lomestfc accounts The Indications are that
beinK carried abroad. Among the reports
lurrent yesterday WAS one to the effect that
mo operator or Interest was short Of 10000
lhsres Of It, and 1t was also stated that on Sat-
opportunity to settle privately at 75 The
final price yesterday was TON as against
The failure 81 Hatch 4 Co. naturally revived
all the reports derogatory to the Hnan-
Sial standing OF some OF the other bear
puted TO be very wealthy, except. OF
course. the veteran Cammack. and he
goes not profess or pretend to be a leader.
NOW that the market has turned. the street
kets from some source or other estimates of
what the bears have made. None Of these are
encouragng but they doubtless indicate the
true rn.. SS'ndition Of things; II was matter OF
gonfe,rai comment yesterday that, while prices
declined from 20 to 60 points during the sum-
mer not single member OF the Stock Ex-
chango WAS compelled to confess insolvency